Industry
New York-based Odyssey Re Holdings Corp. (part of Fairfax Financial) saw premium growth of 35%, with progress in all of its four global business segments, to boost net income for 2003. For the year ending December 31, 2003, the reinsurer posted after-tax net income of US$249.2 million, or US$3.83 per share, compared to US$208.2 million, […]
By Canadian Underwriter | February 13, 2004
2 min read
Broker network Western Financial Group has purchased its first brokerage in Manitoba. Barker Agencies has two offices in Brandon and one in Souris, Manitoba, serving the western part of the province.This brings the total for the Western Insurance Network up to 54 offices in B.C., Alberta, Saskatchewan and Manitoba.Barker Agencies was founded in 1919, and […]
By Canadian Underwriter | February 12, 2004
1 min read
Northbridge Financial Corp. (TSX: NB), the Canadian arm of Fairfax Financial, is reporting strong underwriting results for 2003. The company posted net earnings of $153.0 million last year, up from $53.7 million in 2002. This translates to earnings per share of $3.07 in 2003, more than double the $1.16 per share reported in 2002.Overall, the […]
By Canadian Underwriter | February 11, 2004
The global property & casualty insurance industry has a long way to go on the road to recovery despite price increases and a stronger overall combined ratio, says rating agency A.M. Best.In its annual “review/preview”, the agency speculates the industry should achieve a 101.1% combined ratio for 2003, but says there is still much to […]
Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) says it posted its largest ever annual profit in 2003, earning US$271.1 million, compared to US$263.0 million in 2002. This translates to earnings per share of $18.55 for 2003, up from US$18.20 in 2002.Some of this growth came on the back of increased revenues, up […]
By Canadian Underwriter | February 10, 2004
2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company produce income of $44.0 million last year, versus a net loss of $1.1 million the year prior. This translates to earnings per share of $1.78 in 2003, against a loss per share of $0.48 in 2002.The […]
General insurance was responsible for the most inquiries to the new financial services ombuds service in is first full year of operation. According to the first annual report of the Centre for the Financial Services Ombudsnetwork (CSFON), 41% of its consumer inquiries were related to general insurance, and almost 60% of its complaints.The network includes […]
By Canadian Underwriter | February 6, 2004
While the modern version of piracy may be a far cry from Pirates of the Caribbean, the incidence of pirate attacks continues to grow, says the International Maritime Bureau (IMB). The division of the International Chamber of Commerce (ICC) says 445 piracy incidents were reported worldwide last year, up from 370 in 2002.The toll in […]
Insurers and brokers will soon have real-time access to driver records through a new program from the Insurance Bureau of Canada (IBC). The IBC, working with the Ontario Ministry of Transportation (MTO), is preparing to launch the program April 1.In the past, motor vehicle records (MVRs) were only available through an overnight batch download, causing […]
By Canadian Underwriter | February 5, 2004
Insurers and reinsurers are on the path to a major conflict over recoverables as reinsurers lag in the recognition of reserve problems, says a new report by Standard & Poor’s.The rating agency says “The warning signs are coming thick and fast, among them Liberty Mutual Insurance Co.’s bad-debt provision, in a recent assessment of asbestos […]
By Canadian Underwriter | February 4, 2004
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